Saving Unit

Students will be able to

• Explain what a checking account is used for 
• Understand the variety of ways they can deposit and withdraw funds from their checking account 
• Explain the pros and cons of opening a checking account at a credit union
• Understand what the various components of a bank statement mean to interpret where their money goes

Students will be able to

• Explain the difference between a checking and savings account
• Compare different savings vehicles such as a savings account, CD, and money market account
• Identify important criteria to consider when selecting a savings account

Students will be able to

• Identify common checking and saving account fees and how to avoid them
• Explain how overdraft protection works and the impact of overdraft fees
• Compare overdraft policies at major US banks

Students will be able to

• Explain who is typically unbanked and the reasons that they are unbanked
• Compare payroll and prepaid cards to debit and credit cards
• Explore where the unbanked typically live
• Detail the consequences of being unbanked

Students will be able to

• Identify various rules of thumb and strategies to save money
• Brainstorm short, medium and long-term savings goals
• Explain what an emergency fund is for and how much to save up

Students will be able to

• Identify everyday obstacles Americans experience when trying to save money
• Recognize the impact of inflation on savings
• Experience simulated challenges of living paycheck to paycheck

Students will be able to

• List the advantages of online and mobile banking versus traditional banking
• Explain what online bill pay is and how recurring payments work
• Enumerate the benefits of direct deposit for their paychecks
• Compare and contrast various peer-to-peer payment apps
• Explain how to bank safely online
• Explore the pros and cons of a cashless society

Students will be able to

• Review account transactions
• Identify fees charged to your account
• Set up recurring online bill pay
• Transfer funds between two bank accounts

Students will be able to

• Describe how saving and investing are different
• Understand fundamentals of saving such as reasons for saving, how much to save, and strategies to enable saving
• Explain why it is important to start investing for retirement when you are still young

Students will be able to

• Identify everyday obstacles Americans experience when trying to save money
• Recognize the impact of inflation on savings
• Experience simulated challenges of living paycheck to paycheck
• Understand why it is important to maintain an emergency fund

Students will be able to

• Identify various rules of thumb and strategies to save money
• Determine whether a direct deposit or manually saving is the better strategy for them
• Understand how compound interest works to increase savings.

Students will be able to

• Explain the difference between a checking and savings account
• Compare different savings vehicles such as a savings account, CD, and money market account
• Identify important criteria to consider when selecting a savings account.

Students will be able to:

• Explain how saving is linked to overall wealth
• Describe how saving and investing are different
• Understand fundamentals of saving such as reasons for saving, how much to save, and strategies to enable saving
• Acknowledge the role of delayed gratification in saving

Students will be able to

• Identify everyday obstacles Americans experience when trying to save money
• Understand why it is important to maintain an emergency fund
• Describe their own savings goals as well as big picture reasons to save, such as for college or retirement
• Estimate the cost of medium- and long-term goals and devise smaller, periodic savings goals to reach them

Students will be able to

• Identify various rules of thumb and strategies to save money
• Determine whether a direct deposit or manually saving is the best strategy for them
• Understand how compound interest works to increase savings
• Explain how to use the Rule of 72
• Recommend different mobile apps that can help them manage and increase their savings

Students will be able to

• Compare different savings vehicles such as a savings account, CD, and money market account
• Identify important criteria to consider when selecting a savings account
• Make a systematic and informed decision by gathering, evaluating, and comparing information